Select edible oils slide on muted demand

The wholesale oils and oilseeds market displayed a weak trend during the week as prices of select edible declined owing to slackened demand from vanaspati millers and retailers against adequate stocks.
Castor oil in the non-edible section, also moved down on reduced offtake by industrial units.
Traders said besides easing demand from vanaspati millers and retailers at prevailing levels, ample stocks on higher supplies from producing regions, mainly kept pressure on select edible oil prices.
In the national capital, groundnut mill delivery (Gujarat) oil softened by Rs 50 to Rs 9,100 per quintal, while groundnut solvent refined traded lower at Rs 1,700-1,750 from previous level of Rs 1,730-1,780 per tin.

Cottonseed mill delivery (Haryana)and mustard expeller (Dadri) oils eased by Rs 50 each to Rs 5,850 and Rs 9,000 per quintal respectively. Mustard pakki and kachi ghani oils enquired at previous week's levels of Rs 1,550-1,600 and Rs 1,600-1,700 per tin respectively on some buying support.
Coconut oil which remained steady for the major part of week on scattered support, at the fag-end met with resistance and eased by Rs 50 to close at Rs 1,900-1,950 per tin.

Grains: Weak conditions prevailed at the wholesale grains
market during the week with prices of wheat and rice basmati falling on reduced offtake by flour mills and stockists against adequate stocks.

Traders said reduced offtake by flour mills against sufficient stocks position and muted demand from retailers led to decline in wheat and rice basmati prices.
In the national capital, wheat dara (for mills) shed Rs 5 at Rs 1,670-1,700 per quintal. Atta flour mills followed suit and eased by a similar margin to Rs 1,700-1,715 per 90 kg.
Atta flour mills, maida and sooji slipped to Rs 880-885, Rs 935-945 and Rs 1,040-1,045 from previous levels of Rs 900-905, Rs 945-950 and Rs 1,090-1,095 per 50 kg respectively.
In the rice section, rice basmati common and Pusa-variety also fell by Rs 200 each to Rs 6,000-6,100 and Rs 4,500-5,300 per quintal respectively.

Other bold grains like barley too weakened by Rs 10 to Rs 1,440-1,450 per quintal on reduced offtake by consuming industries.
Pulses: Prices of arhar and other lentils drifted at the
wholesale market during the week largely supported by improved supplies after a series of measures taken by the government to check rising prices amid sluggish demand from retailers at prevailing levels.
Meanwhile, the government decided to import 10,000 tonnes of pulses for buffer stock and extend zero import duty on chickpeas and masoor till September 2016, as part of its steps to boost local supply and check prices.
The Centre will soon float tenders for 5,000 tonnes each of tur and urad dals.

Earlier this week, the Cabinet Committee on Economic Affairs (CCEA) approved creation of a buffer stock of pulses by procuring 1.5 lakh tonnes at market price and the stock would be used to check spurts in retail rates.
Besides, fall in demand at current levels weighed on the prices, they said.
In the national capital, arhar and its dal dara variety dropped to Rs 10,500 and Rs 11,500-14,500 from previous week's levels of Rs 11,300 and Rs 12,000-15,000 per quintal, respectively.
Urad and its dal chilka also declined further by Rs 200 each to Rs 9,200-10,200 and Rs 10,300-10,500 per quintal, respectively. Its dal best quality and dhoya followed suit and enquired lower by a similar margin to Rs 10,400-11,000 and Rs 10,800-11,200 per quintal, respectively.

Gram, gram dal local and best quality eased to Rs 5,175-5,625, Rs 5,350-5,650 and Rs 5,550-5,850 against last close of Rs 5,250-5,700, Rs 5,450-5,750 and Rs 5,650-5,950 per quintal, respectively.
Besin Shaktibhog and Rajdhani quoted lower at Rs 2,340 each instead of Rs 2,410 per 35 kg bag respectively.
Moong and its dal chilka local drifted by Rs 50 each to Rs 7,050-7,650 and Rs 7,650-8,050 per quintal respectively. Its dal dhoya local and best quality traded lower by a similar margin to Rs 8,000-8,500 and Rs 8,500-8,700 per quintal.
SUGAR: An upward trend in sugar continued unabated for
another week at the wholesale market in the national capital with prices surging by up to Rs 260 per quintal mostly on back of strong buying by stockists as well as bulk consumers amid pause in supplies from millers.

Traders said sentiments also buoyed following a spurt in export demand after the government announced compulsory export of at least 4 million tonnes in the current crushing season to reduce stockpiles.
Besides, diversion of sugar-cane by farmers towards gur manufactures and other other industries which are more attractive, too supported the upside in prices, they added.
Meanwhile, sweetener prices plunged to multi-year lows due to a series of negative factors including bumper production.
Prices of sugar ready M-30 and S-30 on the back of day-to-day buying activity, jumped by Rs 260 each to settle the week at Rs 3,050-3,260 and Rs 3,040-3,250 per quintal, respectively.

Similarly, mill delivery M-30 and S-30 prices zoomed by Rs 230 each to settle the week at Rs 2,820-3,070 and Rs 2,810-3,060 per quintal.
In the millgate section, sugar Mawana and Dorala shot up by Rs 260 each to conclude at Rs 2,970 each, while Budhana and Thanabhavan swifted by Rs 255 each to Rs 2,970 and Rs 2,960 per quintal, respectively.
Sugar Dhampur and Malakpur advanced by Rs 250 each at Rs 2,950 and Rs 2,930, while Chandpur by Rs 240 at Rs 2,860 and Kinnoni by Rs 230 at Rs 3,070 per quintal respectively.
Simbholi and Sakoti too registered a hefty rise of Rs 210 each at Rs 3,040 and Rs 2,860, while Khatuli and Asmoli rose by Rs 200 each at Rs 3,010 and Rs 3,000 per quintal.

Jaggery: The wholesale gur (Jaggery) market extended a
firm trend with prices rising by Rs 100 per quintal during the week in the national capital following paucity of stocks caused by restricted supplies amid strong winter season demand.
Muzaffarnagar and Muradnagar gur markets also added further gains of Rs 150 per quintal on thin supply and a jump in demand.
According to marketmen, fall in supplies following adverse weather conditions, coupled with winter season demand, largely kept prices notably higher.
Moreover, persistent rise in sugar prices also enthused trading sentiments, they added.
In Delhi, gur Chakku, Pedi and Shakkar rose by Rs 100 each to end the week at Rs 2,700-2,800, Rs 2,800-2,900 and Rs 3,000-3,100 per quintal.

However, dhayya prices were unalatered at previous week's close of Rs 2,900-3,000 per quintal.
At Muzaffarnagar, the gur chakku prices went up by a whopping Rs 250 to end the week at Rs 2,425-2,750 per quintal.
Gur Khurpa showed a rise of Rs 100 at Rs 2,350-2,400, while gur Raskat registered a gain of Rs 50 at Rs 2,350-2,400 per quintal on brisk beer makers demand.
Meanwhile, gur Laddoo prices continued to move around last week's closing levels of Rs 2,400-2,550 per quintal.
Dryfruits: Prices of dry fruits fell at the wholesale
market during the week as demand from retailers and stockists declined.

Marketmen said fall in demand at prevailing levels against adequate stocks position following increased arrivals from producing belts mainly led to fall in almond and other dry fruit prices.
Lower advices from producing regions also dampened the trading sentiments to some extent, they said.
Almond California fell Rs 500 to conclude at Rs 21,500 per 40 kg and its kernel prices eased by Rs 20 to finish at Rs 750-760 per kg, respectively.
Almond gurbandi and girdhi prices declined Rs 100 each to settle at Rs 10,000-10,300 and Rs 6,800-7,000 per 40 kg, respectively.
Chilgoza-roasted declined by Rs 50 to conclude at Rs 1,400-1,600 per kg.

Cashew kernel (No 180, 210, 240 and 230) prices eased by Rs 10 each to settle at Rs 780-790, Rs 705-715, Rs 620-630 and Rs 575-580 per kg, while its pieces (2, 4 or 8) placed lower at Rs 540-600, Rs 535-595 and Rs 475-555 as against the previous close of Rs 550-605, Rs 545-605 and Rs 480-555 per kg on subdued demand.
Copra (superior quality) drifted by Rs 700 to finish at Rs 14,200-17,500 per quintal.
Kishmish Indian yellow and green fell up to Rs 600 each to conclude at Rs 4,300-4,600 and Rs 4,200-9,000 per 40 kg, respectively.

Pistachio hairati and peshawari prices declined by Rs 30 each to close at Rs 1,350-1,400 and Rs 1,425-1,500 per kg, respectively.
Kirana: Weak conditions prevailed at the wholesale kirana
market during the week with prices of pepper and jeera declining on ample stocks against subdued demand from local parties.
Marketmen said reduced offtake by retailers and exporters as the demand declined at existing levels, mainly kept pressure on prices.
Black pepper prices were down by Rs 20 to conclude at Rs 740-910 per kg.
Cardamom (jhundiwali and kanchicut) declined up to Rs 55 to settle at Rs 1,470-1,480 and Rs 1,570-1,900 per kg.

Cardamom small varieties such as chitridar, colour robin bold and extra bold declined by Rs 10 each to conclude at Rs 590-715, Rs 570-580, Rs 590-600 and Rs 670-680 per kg, respectively.
Coriander and dry ginger drifted Rs 200 each to conclude at Rs 10,800-15,800 and Rs 20,500-25,500 per quintal, respectively.
Mace-red and yellow prices eased by Rs 50 each to finish at Rs 900-1,150 and Rs 1,100-1,110 per kg, respectively.
Poppyseed (Turkey, China and MP-RAJ) prices fell Rs 20 each to settle at Rs 350-390, Rs 360-380 and Rs 405-445 per kg, respectively.
Red chilli and turmeric declined by Rs 100 each to conclude at Rs 10,400-17,400 and Rs 9,600-13,100 per quintal, respectively.

Bullion: Trading did not take place on the bullion market during the week as jewellers and traders across the country went on with their indefinite strike, demanding rollback of the proposed excise duty on non-silver jewellery items, despite the government's assurance that it would look into the issue.
Striking associations in different part of the country have collectively decided to go for a complete closure of bullion markets in major as well as small towns and staged 'dharnas'.
Jewellers across the country have also been protesting against mandatory quoting of PAN by customers for transaction of Rs 2 lakh and above.

Jewellery shops and establishments have been closed since March 2 after Finance Minister Arun Jaitley in his Budget speech on February 29 had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery excluding silver other than studded with diamonds and some other precious stones.
The Finance Ministry has clarified that jewellers only with turnover of more than Rs 12 crore will be liable to pay 1 per cent excise duty on non-silver jewellery items.